Drill Bits: Drilling Boom or Bust?

On Sunday, the New York Times Public Editor took issue with last month’s Times piece, which questioned the extent of the shale boom. The piece drew criticism from the industry, including Chesapeake CEO Aubrey McClendon, whose own employee’s emails critical of the estimates are cited in the piece. It turns out that the original controversial story referred only to smaller, independent operators who may lose their shirts over the gas rush, not the larger energy companies like Exxon, who have recently begun to invest millions and buy up leases.
But the independent company that launched the boom, Range Resources, seems to be pumping out the gas, at least for now. Range released an operations update today that shows an 8 percent increase in production over last year. The report attributes that rise to “excellent drilling results in the Marcellus Shale and mid-continent regions.” Range recently announced plans to pull up stakes in the Barnett Shale to concentrate on their Marcellus holdings.
Speaking of small companies, SM Energy announced today it will exit the Marcellus Shale. The company owned 42,000 acres of mineral rights in McKean and Potter counties. Another independant, Endeavor International, purchased the shale holdings.
So how does all this drilling activity impact kids heading to summer camp? The Jewish Forward has a good piece about the debate among Jewish camp operators in the Poconos.

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